RBC Bearings Incorporated $RBC Shares Acquired by Fifth Third Bancorp

Fifth Third Bancorp increased its stake in shares of RBC Bearings Incorporated (NYSE:RBC) by 12,957.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 74,949 shares of the industrial products company’s stock after buying an additional 74,375 shares during the quarter. Fifth Third Bancorp’s holdings in RBC Bearings were worth $40,707,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Ritholtz Wealth Management grew its stake in shares of RBC Bearings by 2.9% in the first quarter. Ritholtz Wealth Management now owns 594 shares of the industrial products company’s stock worth $323,000 after purchasing an additional 17 shares in the last quarter. Lido Advisors LLC grew its stake in shares of RBC Bearings by 3.5% in the 4th quarter. Lido Advisors LLC now owns 647 shares of the industrial products company’s stock worth $278,000 after purchasing an additional 22 shares during the last quarter. UMB Bank n.a. grew its position in RBC Bearings by 7.1% in the fourth quarter. UMB Bank n.a. now owns 348 shares of the industrial products company’s stock worth $156,000 after buying an additional 23 shares during the last quarter. Millstone Evans Group LLC grew its holdings in shares of RBC Bearings by 45.3% in the 1st quarter. Millstone Evans Group LLC now owns 77 shares of the industrial products company’s stock worth $42,000 after acquiring an additional 24 shares during the last quarter. Finally, Allworth Financial LP raised its holdings in RBC Bearings by 12.1% during the 3rd quarter. Allworth Financial LP now owns 259 shares of the industrial products company’s stock worth $101,000 after buying an additional 28 shares during the period.

RBC Bearings Trading Down 0.1%

RBC Bearings stock opened at $594.82 on Monday. RBC Bearings Incorporated has a 12 month low of $364.50 and a 12 month high of $667.69. The company has a quick ratio of 0.78, a current ratio of 2.18 and a debt-to-equity ratio of 0.21. The stock has a market cap of $18.82 billion, a P/E ratio of 65.44, a P/E/G ratio of 3.41 and a beta of 1.40. The company’s fifty day simple moving average is $601.75 and its 200-day simple moving average is $558.92.

RBC Bearings (NYSE:RBC) last announced its quarterly earnings data on Friday, May 15th. The industrial products company reported $3.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.31 by $0.31. The business had revenue of $518.00 million during the quarter, compared to analyst estimates of $505.90 million. RBC Bearings had a return on equity of 11.35% and a net margin of 15.37%.RBC Bearings’s quarterly revenue was up 18.3% compared to the same quarter last year. During the same period last year, the company earned $2.83 earnings per share. As a group, sell-side analysts forecast that RBC Bearings Incorporated will post 13.59 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have issued reports on RBC. Wall Street Zen downgraded shares of RBC Bearings from a “buy” rating to a “hold” rating in a research note on Saturday, June 27th. Zacks Research downgraded RBC Bearings from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Weiss Ratings lowered RBC Bearings from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, June 17th. Morgan Stanley increased their price objective on RBC Bearings from $600.00 to $640.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 19th. Finally, Truist Financial restated a “buy” rating and set a $615.00 price objective (up from $599.00) on shares of RBC Bearings in a research report on Tuesday, May 19th. Six investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, RBC Bearings currently has a consensus rating of “Moderate Buy” and an average target price of $584.00.

Insiders Place Their Bets

In related news, Director Dolores J. Ennico sold 600 shares of the business’s stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $636.11, for a total value of $381,666.00. Following the completion of the sale, the director owned 7,254 shares of the company’s stock, valued at approximately $4,614,341.94. The trade was a 7.64% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Edward Stewart sold 600 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $592.83, for a total value of $355,698.00. Following the completion of the sale, the director directly owned 21,337 shares of the company’s stock, valued at approximately $12,649,213.71. The trade was a 2.74% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,425 shares of company stock valued at $885,400 in the last three months. Insiders own 1.90% of the company’s stock.

About RBC Bearings

RBC Bearings Incorporated is a global designer, manufacturer and marketer of highly engineered precision bearings and components for extreme applications. The company’s product portfolio includes cylindrical roller bearings, spherical plain bearings, ball bearings, track rollers, and engineered components such as metal-to-metal and polymer bearings. These products are tailored to meet the demanding requirements of aerospace, defense and industrial customers where reliability under severe conditions is critical.

The company’s bearings and components find application in aircraft engines, auxiliary power units, landing gear systems, space and missile programs, industrial gas turbines, oil and gas drilling equipment, and heavy machinery.